Exelixis, Inc.

Ladies and gentlemen, and welcome to the Exelixis First Quarter 2023 Financial Results Conference Call. My name is Tawanda, and I'll be your operator for today. As a reminder, this call is being recorded for replay purposes. I would now like to turn the call over to your host for today, Ms. Susan Hubbard, Executive Vice President of Public Affairs and Investor Relations. You may proceed.

Thank you, Tawanda, and thank you all for joining us for the Exelixis First Quarter 2023 Financial Results Conference Call. Joining me on today's call are Mike Morrissey, our President and CEO, Chris Senner, our Chief Financial Officer, TJ Haley, our Executive Vice President of Commercials, Dana Aftab, our Chief Scientific Officer, and Vicki Goodman, our Chief Medical Officer, who will review our progress for the first quarter 2023 and then March 31st, 2023. During the call today, we will refer to financial measures not calculated according to generally accepted accounting principles. Please refer to today's press release, which is posted on our website, for an explanation of our reasons for using such non-GAAP measures, as well as tables deriving these measures from our GAAP results. During the course of this presentation, we will be making forward-looking statements regarding future events and the future performance of the company. This includes statements about possible developments regarding discovery, product development, regulatory, commercial, financial, and strategic matters. Actual events or results could, of course, differ materially. We refer you to the documents we file from time to time with the SEC, which under the heading Risk Factors, identify important features and factors that could cause actual results to differ materially from those expressed by the company verbally and in writing today, including without limitation, risks and uncertainties related to product commercial success, market competition, regulatory review and approval processes, conducting clinical trials, compliance with applicable regulatory requirements, our dependence on collaboration partners, and the level of cost associated with discovery, product development, business development, and commercialization activities. And with that, I will turn the call over to Mike.

All right, thank you, Susan, and thanks to everyone for joining us on the call today. XOX has had a strong first quarter across all components of our business. Cabo Medics maintained its status as the leading TKI for RCC, in both the first-line IOTKI market and the second-line monotherapy segment. We're advancing our discovery and development priorities to build the ExoAxis product portfolio in a disciplined and thoughtful manner. I know it's a statement of the obvious, but I want to repeat it here. We're in the R&D business. The only way we drive growth for shareholders is to improve standard of care for patients with cancer. It's impossible to disconnect the two. The more patients we help, the more value we create. Our singular focus in R&D is to advance a pipeline of clinically and commercially differentiated medicines for large populations of cancer patients with high unmet medical needs. We estimate ComboMedics is used by tens of thousands of patients annually, and we seek to help many multiples of that number with the pipeline we're building today. Our success with combo isn't the end game, it's just the beginning. We are biology-centric and modality agnostic for biologics and small molecules within a neuro-therapeutic framework in oncology. We're disciplined in our integrated strategy spanning discovery, development, and commercial, and focus on advancing drugs that will move the needle for cancer patients in meaningful indications to build value for shareholders. Molecules that look only modestly interesting or aren't compelling from a commercial perspective never make it out of the gate. Our R&D strategy includes targets and compounds we advance, and as important, those we exclude and overtly choose not to pursue for scientific, clinical, competitive, and commercial reasons. The success of our integrated strategy bridging R&D with commercial relative to our mid-sized biotech peers is highlighted by the historical data on biotech oncology launches since 2016. Of approximately 35 launches in this timeframe, with drugs addressing many of the hottest targets in oncology, the mean and median 2022 global net product revenues were approximately $200 million and approximately $150 million, respectively, compared with the 2022 global net product revenue number for Cabo Medics of $1.9 billion. We picked the winner while avoiding less productive avenues in the past and have the insights and discipline to do so repeatedly in the future. With that, please see our press release issued an hour ago for our first quarter financial results and an extensive list of key corporate milestones achieved in the quarter. And I'll now turn the call over to Chris. Thanks, Mike.